53D-1-501.  Nominating committee — Membership — Terms — Vacancies — Compensation.

(1)  There is established a School and Institutional Trust Fund Nominating Committee.

Terms Used In Utah Code 53D-1-501

  • advocacy office: means the Land Trusts Protection and Advocacy Office created in Section 53D-2-201. See Utah Code 53D-1-102
  • Advocacy office director: means the director of the Land Trusts Protection and Advocacy Office, appointed under Section 53D-2-203. See Utah Code 53D-1-102
  • Director: means the director of the office. See Utah Code 53D-1-102
  • Nominating committee: means the committee established under Section 53D-1-501. See Utah Code 53D-1-102
  • Office: means the School and Institutional Trust Fund Office, created in Section 53D-1-201. See Utah Code 53D-1-102
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Trust fund: means money derived from:
(a) the sale or use of land granted to the state under Sections 6, 8, and 12 of the enabling act;
(b) proceeds referred to in Section 9 of the enabling act from the sale of public land; and
(c) revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections Utah Code 53D-1-102
(2)  The nominating committee consists of:

(a)  four members, appointed by the state treasurer upon recommendation by the advocacy office director, each of whom is a member of a respected professional investment organization;

(b)  the chief investment officer of the University of Utah endowment;

(c)  the chief investment officer of the Utah State University endowment; and

(d)  the advocacy office director.

(3)  An individual appointed as a member of the nominating committee under Subsection (2)(a) shall be appointed based on the individual’s expertise in:

(a)  investment finance;

(b)  institutional asset management;

(c)  trust administration; or

(d)  the practice of law in the areas of capital markets, securities law, trusts, foundations, endowments, investment finance, institutional asset management, or trust administration.

(4)  The term of a member appointed under Subsection (2)(a) is four years.

(5)  A nominating committee member shall serve until a successor is appointed and qualified.

(6) 

(a)  If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a).

(b)  An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term.

(7)  A member of the nominating committee may not receive compensation or benefits for the member’s service, but may receive per diem and travel expenses in accordance with:

(a)  Section 63A-3-106;

(b)  Section 63A-3-107; and

(c)  rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

Amended by Chapter 448, 2018 General Session

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